Senators Start to Tackle Social Security Issues
Just days after the 2026 Social Security cost-of-living adjustment (COLA) was announced, a group of Democratic senators introduced the Boosting Benefits and COLAs for Seniors Act.
According to a news release by one of its co-authors, Sen. Richard Blumenthal (D-CT), the proposed legislation aims to protect and expand Social Security benefits for older adults. Stating that “Social Security benefits have failed to accurately account for rising costs and inflation, the Boosting Benefits and COLAs for Seniors Act makes necessary changes to the cost-of-living adjustment (COLA) formula, better supporting older Americans who rely on Social Security benefits.”
Co-author Sen. Kirsten Gillibrand (D-NY) said this proposed legislation will ensure that seniors can retire with dignity. “Our seniors have spent a lifetime of hard work paying into Social Security, and while these benefits — including the annual cost-of-living adjustment — are a lifeline for millions, the payouts simply aren’t keeping up with rising costs.”
Changing the COLA Calculator
The Boosting Benefits and COLAs for Seniors Act calls for basing the annual cost-of-living adjustment on the CPI-E, or Consumer Price Index for the Elderly, a research index that tracks the spending patterns of Americans ages 62 and over. Currently, the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, is used. It tracks price changes for goods and services bought by certain workers, which does not factor into account the costs incurred by older Americans, such as healthcare. The CPI-E is a fairer COLA calculator.
Another Option
We at The Seniors Trust agree. The Consumer Price Index for the Elderly (CPI-E) should be used to calculate the Social Security COLA. However, we think a better solution is for Congress to enact the Social Security Expansion Act.
Not only does this bill ensure that Social Security benefits keep pace with inflation, but this landmark piece of legislation would also extend the solvency of the Social Security trust fund through 2096, expand Social Security benefits by about $200 a month for current and new beneficiaries, require millionaires and billionaires to pay their fair share into Social Security by lifting the wage cap, and improve the Special Minimum Benefit for Social Security recipients which would help low-income workers stay out of poverty.
Is this something you can get on board with? Join us in urging lawmakers to enact the Social Security Expansion Act. You can show your support by signing our petition.
